Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NEXGEL, INC. reported first quarter ended March 31, 2023 results: revenue $620 thousand, net income $814 thousand or $0.15 per basic and diluted share, EPS $0.15 per basic and diluted share. Guidance initiated.
- Period
- first quarter ended March 31, 2023
- Revenue
- $620 thousand
- Net income
- $814 thousand or $0.15 per basic and diluted share
- EPS
- $0.15 per basic and diluted share
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
First Quarter 2023 Financial Highlights For the first quarter of 2023, revenue totaled $620 thousand and increased by $224 thousand, or 56.6%, compared to $396 thousand for the same period the year prior. The increase in overall revenues was primarily due to sales growth in both contract manufacturing and branded products. Revenue during the first quarter of 2023 includes one full month of revenue contribution from the Company’s newly formed joint venture with C.G. Laboratories. Gross loss for the first quarter of 2023 was $57 thousand, compared to a gross loss of $22 thousand for the same prior year period. The increase in the loss was mainly due to the increased manufacturing of promotional materials and customer product samples to support our new product line growth. Gross margin loss was approximately 9.2% for the three months ended March 31, 2023, compared to a gross margin loss of 5.6% for the three months ended March 31, 2022. Cost of revenues was $677 thousand for the quarter e
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